Empire State Manufacturing index shows solid but slower expansion

The Empire State Manufacturing Survey showed "business activity continued to grow at a solid clip in New York State," the Federal Reserve Bank of New York reported Friday, as the general business conditions index declined to 18.0 in December from 19.4 in November.

Economists surveyed by Thomson Reuters had expected the index would be 18.4.

The new orders index slid to 19.5 from 20.7, while the shipments index gained to 22.4 from 18.4, and unfilled orders widened to negative 8.7 from negative 4.6, the Fed said.

The delivery time index reversed to positive 4.3 from negative 2.3, while the inventories index slipped to 1.4 from 4.6 in the prior survey. The prices paid index climbed to 29.7 from 24.6, while the prices received index rose to 11.6 from 9.2. The number of employees index fell to 5.1 from 11.5, while the average employee workweek index rebounded to zero from negative 0.8, the Fed reported.

Looking six months into the future, the general business conditions index declined to 46.6 from 49.9 last month. The new orders index decreased to 41.1 from 53.7, while the shipments index fell to 42.5 from 50.8, and unfilled orders dipped to 14.5 from 14.6, the Fed said. The delivery time index rose to 6.5 from 5.4, while the inventories index declined to 5.8 from 8.5.

The prices paid index rose to 50.0 from 48.5, while the prices received index grew to 27.5 from 23.8. The number of employees index gained to 29.0 from 20.8 while the average employee workweek index slid to 6.5 from 6.9, the Fed reported. The capital expenditures index increased to 34.1 from 25.4. The technology spending index soared to 22.5 from 10.8.

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